My house is assessed at $115000. How much should it be insured for?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jan 18, 2012

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Insurance Question from Greece, NY

Asked on 01/18/2012

My house is assessed at $115000. How much should it be insured for? NULL

Answer given on January 18, 2012

Throw your assessment number out the window.  It has absolutely nothing to do with the insurance coverage for the home.  The insurance coverage is based on the replacement cost of your home.  How much it will cost to totally replace the home if the home should incur a total loss.  This is derived by inputting your homes features in a replacement cost estimation software that your agent or insurance company rep uses to come up with a replacement cost calculations for your home.  By inputting your square footage, number of bedrooms, percentage of wood floors, ceramic tile, carpet, if the home is brick or frame, etc, etc.  The result is a replacement cost minus the land (which your assessment takes into consideration).  This will be the cost that should be use to insure your home to full value. If you need a replacement cost estimation done on your home and to get a homeowners’ insurance quote on your home, click here

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